互惠便利操作启动，券商估值仍有提升空间

Investment Rating - The industry investment rating is "Overweight" indicating expected growth above the benchmark index in the next six months [49]. Core Insights - The securities sector has shown a strong performance with a 3.58% increase, outperforming the CSI 300 index by 2.60 percentage points [4]. - The current price-to-book (PB) ratio for the brokerage sector is 1.47, which is around the 40th percentile of 2020 [4]. - The People's Bank of China and the China Securities Regulatory Commission have initiated a swap convenience operation to support market stability, with an initial quota exceeding 200 billion yuan [4][36]. - The report emphasizes the potential for mergers and acquisitions within the brokerage sector as a means to enhance competitiveness and resource allocation [6]. Summary by Sections Brokerage Weekly Data Tracking - The average daily trading volume for A-shares reached 16,680 billion yuan, a week-on-week increase of 6.49% [13]. - The margin financing balance stood at 15,946.83 billion yuan, reflecting a year-on-year increase of 145.95 billion yuan [24]. Insurance Weekly Data Tracking - Major insurance companies reported premium income for the first nine months of 2024, with China Life at 608.3 billion yuan (+5.1%) and Ping An at 449.8 billion yuan (+9.8%) [7][45]. - The total assets of insurance companies reached 34.13 trillion yuan, with a year-on-year growth of 16.31% [30]. Industry Dynamics - The report highlights the regulatory support for the insurance sector, including the establishment of new investment funds by qualified insurance institutions [44]. - The ongoing trend of mergers and acquisitions is expected to accelerate, particularly among leading brokerages like CITIC Securities and Huatai Securities [6][39].